At the plenary meeting on 6 May the Milli Majlis will consider tougher penalties for willful and false bankruptcy.
According to the parliamentary press service, the bill changes relate to the Code of Administrative Offences. Judging by the current edition of the Code, false bankruptcy is punishable by a fine for officials from 1,000 to 2,000 manat, and for legal entities - from 10,000 to 20,000 manat.
If the amendments are approved, a falsely declared insolvency by a manager or owner of a commercial organization, as well as an individual entrepreneur in order to mislead the creditors and defer or evade the repayments of debts, will be punished by a fine equivalent to twice or four times the amount of the damage caused as a result of the administrative offense. --17D-
Economics
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S&P Global Ratings has revised its risk assessment of Azerbaijan’s banking sector, upgrading the outlook from "stable" to "positive."
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In recent days, there have been claims that bread prices in Azerbaijan have risen. Social media users report that the price of bread has increased by 5-10 qepiks. According to consumer complaints, it is difficult to find weight information on factory-produced bread, commonly known as "zavod çörəyi" in Azerbaijan. In many cases, bread packaging does not include weight details. Similarly, bread sold at smaller bakeries and tandir houses often lacks information apart from the price.
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A trilateral meeting of the foreign ministers, transport ministers, energy ministers, and heads of customs services of Russia, Iran, and Azerbaijan is set to take place soon to discuss the progress of the Rasht-Astara railway project, a key element of the International North-South Transport Corridor (INSTC). This was announced by Iran’s Ambassador to Russia, Kazem Jalali.
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Azerbaijan and Tatarstan continue to strengthen trade and economic cooperation, based on mutual interests in energy, mechanical engineering, petrochemicals, agriculture, and transport. Bilateral relations have shown steady growth, supported by regular visits of official delegations and participation in international economic forums.
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